The Latest Spanish Property News from Kyero.com
Costa del comeback?
Monday, August 27, 2007. Originally posted on the great website kyero.com.
A politically charged building scandal has tainted Marbella’s reputation. Now the new mayor is spearheading a legal clean-up – but some British owners may still lose out.
It was the Spanish playboy Prince Alfonso von Hohenlohe who put Marbella on the map in the 1950s, when he founded the swanky Marbella Club and brought his jet-set friends from Madrid there. In recent years, however, despite the perfect climate, the town’s reputation has been under a cloud. Corruption has been so rife within the property market, buyers have been driven away.
Now, after a long-running clampdown that has resulted in scores of arrests, and local elections designed to usher in a new era of honesty at the town hall, Marbella is trying to rebuild its reputation and restore buyer confidence, particularly among foreign investors. It has a new urban plan from the regional government of Andalusia, based in Seville, and an amnesty is being declared on many of the illegal developments.
The person responsible for the clean-up is the town’s new mayor, Angeles Muñoz, 47, the Popular Party candidate, who came to power in May. “We are going to remove the legal insecurity so that buyers can feel confident,” she says. “To do this, we will have to legalise practically all the 19,000 properties that were built with illegal licences.”
The task that her new administration faces is a daunting one. “British purchases are down something like 70% since 2003,” says Chris McCarthy, head of Viva Estates, a local agency. “Property prices peaked that year, and our average sale price of €325,000 hasn’t budged since. June was the worst month in five years, and a lot of agencies are downsizing or closing.”
“Leading up to the new millennium, we had 20% per annum capital gains for five years, but it’s been downhill since 2001,” says Diana Morales, who heads an eponymous high-end agency. And, though the proposed amnesty will benefit many British buyers innocently caught up in the scandal, others are likely to see their holiday homes bulldozed and their hopes of a life in the sun crushed.
There has been no political honeymoon for Muñoz. A GP who started out in local politics, she served as a junior minister in the previous national government, and the party she represents is the only one not implicated in the corruption scandal. Within months of her election, however, her political opponents are already muttering about potential conflicts of interest – her Swedish-born husband, Lars Broberg, is a local businessman with property investments.
Marbella’s problems stretch back to 1991, when a local developer, Jesus Gil, was elected mayor. Though initially popular, having boosted employment and cut street crime, Gil oversaw a culture in which anything from building permits to municipal contracts could, allegedly, be bought. Illegal licences for an estimated 30,000 properties are thought to have been granted under an urban plan he instituted in 1998.
Gil, who left office in 2002, died in 2004. Investigations into his years in office began shortly afterwards. There were dozens of arrests – those taken into custody included the then mayor and her predecessor – and among those now standing trial on charges of money-laundering and corruption is Juan Antonio Roca, Gil’s town-planning chief. He is accused of leading a gang that obtained £15m in bribes and bungs. In what allegedly amounted to a development free-for-all – provided the payoff was right – properties were built on land earmarked for parks and public facilities. Now, in return for an amnesty on properties built in such areas, the town “must be compensated with land for new infra-structure and facilities”, the mayor says.
Developers who benefited from illegal licences granted under previous administrations are expected to provide the land – a total of 118 hectares is due to be handed over. “Most of the developers have already agreed to do this,” Muñoz confirms.
However, 752 properties will not be legalised, because planners argue that they have been built on essential public land, so 377 owners – some of them Britons – are facing the prospect of these properties being demolished. Judicial proceedings are in progress. Meanwhile, the new urban plan, and the amnesty deal it contains, is due to get final approval from Seville next year.
Many of the properties that may be razed are in the vast Banana Beach development, just outside the town. John Toomey and his Spanish wife, Marisa, both 61, bought there in 2004, when the cost of a three-bedroom flat with sea views such as theirs had risen to about €500,000, and the prospect of any illegality was not on the horizon.
“We took great care with the legal search, using a local lawyer,” says John, a property lawyer himself, from Harrow. “There was a building licence from the town hall, and there was no record of any problems in the property register – which, by law, should give you all the assurances you need.”
The Toomeys are understandably bitter about the prospect of losing their seaside home. “The government in Seville was happy to take tens of thousands of euros from us in stamp duty, but now they say our property is illegal, while arbitrarily legalising thousands of others,” says John. “Seville is treating us like criminals, and has never expressed the slightest sympathy, even though it is to blame for the situation. We trusted the system, only to end up innocent victims of the public administration’s corruption and incompetence. One British couple who own in Banana Beach are in their mid-eighties. It is their only home, but they need to move to a nursing home, and can’t sell. It is a terrible situation.”
The new mayor – like much of the town’s population, according to recent polls – hopes demolition will not occur. “I do not believe that demolitions are an appropriate solution for Marbella, and I will do everything in my power to protect the interests of innocent buyers,” she says. “We will appeal against demolition orders.”
At best, however, that will leave some owners, such as those at Banana Beach, in legal limbo. Given the length of the dispute about the legality of such developments, some of the affected owners would prefer swift demolition and a compensation package.
“I haven’t been able to get a straight answer from anyone in five years, and this looks set to drag on,” says Russell Ellis, 63, a pensioner from Sidmouth, in Devon, who in 2002 spent €189,000 on a two-bedroom flat on Banana Beach. “I would prefer a decision tomorrow – even a bad one – so we can move on. But I’m not holding my breath.” To some in the property industry, the unlucky owners in the Banana Beach complex are scapegoats. “What will happen in cases where the developer can’t, or won’t, compensate the town hall?” asks Morales. She fears that the solution will only spark more confusion, although she does admit that July was “an excellent month for the local market”.
There are voices of optimism in some quarters. “The worst is definitely behind us,” says Desmond O’Connor, head of Alanda Homes, a blue-chip developer and the Spanish division of McInerney plc, Ireland’s largest home-builder.
Michael Hornung, director of Marbella Club Real Estate, the property division of the exclusive club, also feels that the town is about to turn the corner. “Wealthy buyers are coming back,” he says. “They know Marbella is cleaning up its act.” Building work slowed during the corruption investigation, but John Fleetham, 47, a developer from Sheffield, has since invested £1m in three plots, with planning permission, in the upmarket Sierra Blanca urbanisation. “I believe Marbella will bounce back,” he says. “If you have made any money in the UK, this is where you want to be. This place is aspirational.”
Muñoz, meanwhile, plays up plans for a new terminal and runway at Malaga airport, and, eventually, a high-speed train link to Marbella, which will boost visitor numbers.
James Hewitt, 49, the former lover of the late Princess Diana, is one newcomer who couldn’t be more enthusiastic. He arrived here a year ago, with plans to establish a bar-restaurant, and is renting a flat while he gets the business off the ground. “Whatever the recent problems, the quality of life here is unbeatable, and that will always attract people,” he says. “My quality of life here is three times better than it was in London, for about a quarter of the price. With the mild climate and outdoor lifestyle, I feel as if I’m living 600 days a year.”
Mark Stucklin runs www.spanishpropertyinsight.com, an independent online consultancy; spanishpropertydoctor@sunday-times.co.uk
Story from timesonline.co.uk
Investment in Spain 'easier than ever'
Friday, August 24, 2007
Increasing numbers of Britons are looking into investing in an Overseas Property as the process of retiring to the sun has become ‘easier, cheaper and more attractive’, it has been reported.
According to the Property Investment service provider for the over-50s, Saga Overseas Homes, Spain remains the number one choice for British retirees looking to relocate due to a number of factors, including price and practicality.
Commenting on the trend, Chris Simmonds, managing director of Saga Overseas Homes, said: “Growth in the UK housing market has generated a lot of equity for homeowners, and despite the similar boom in Spain, many people are finding that their money still goes a lot further on the Mediterranean coast, and they can have a new and idyllic home in the sun.”
In addition, Mr Simmons revealed that the growth in cheap flights from the UK and the strong ex-pat communities within Spain make the country the ideal choice for people looking to retire abroad but are nervous about living in a distant and foreign land.
Recently, HSBC signalled its confidence in the continuing strength and popularity of the Spanish property market, with the bank launching a bi-lingual service for Brits looking to invest in the country.
Story from hotproperty.co.uk
Medsea Pitches Positives to Rescue Share Decline
Thursday, August 23, 2007
AIM-listed Spanish agent Medsea Estates saw its value fall by 25% within hours of recent press headlines about a ‘nosedive’ in the Spanish stock market.
Founder Tony Gatehouse – who spent six months with auditors to show clients it was properly regulated – said he had to hire a top PR firm in the City to put him in front of editors to explain the true story behind the headlines.
Gatehouse told OPP : “We are the only truly financially-regulated agent in Spain – there’s no one regulated by the FSA but I’m regulated by AIM’s financial rules and I have to be able to verify everything. If I make a false statement I could go to jail.
“The stories knocked confidence in the consumer and knocked 25% of Medsea’s value within 24 hours. So we hired Weber Shandwick PR, who are known in the City, to get us in front of investor titles like Share Magazine. I explained how Spain was portrayed in the media and how they got it wrong. Because it all started with one large company.”
Gatehouse says the media has looked at Spain as one region. “The Costa del Sol is not Spain,” he said. “It was sold on flipping – people were going out to buy one property and went home with four. Agents were selling volume and the price was being pushed up.
“The other question is where developments were being built. After their sales, some of the buildings weren’t to spec but IFAs and others sold and then moved on.”
Medsea is now developing Residencial Argosol in Murcia, and is about to open an office in Madrid, as well as a call centre to sell direct to Spanish homebuyers. Gatehouse insists there is still value in Spain but does not want to encourage people who need to buy-to-rent to support a mortgage. He said “I want profit like everyone else but ever since I entered business I always had the philosophy that I won’t sell at any cost.”
He added that talk of an oversupply all over Spain is not as bad as the press has made out. “If there’s such a glut, then how come I’m selling today off-plan that’s two years away?” he asked.
Meanwhile, Medsea is planning a new advertising campaign in the UK to raise awareness of its brand that is already well known in Spain. It has managed to raise its profile among the key over-fifty market through its exclusive deal with SAGA Overseas Homes.
Story from OPP
Moving abroad: Pensions, tax and savings
Wednesday, August 22, 2007
Every year, hundreds of thousands of Britons pack their bags and go to live in sunnier climes. James Salmon explains how upping sticks permanently will affect your savings, pensions and tax.
There are two crucial things to consider when you move abroad: residency and domicile. Generally, when you move to another country and become one of its residents, you’ll be subject to its tax on your income, pensions and savings. Your domicile is where you are from: so if you live in Spain but were born here, you are resident in Spain but UK domiciled.
The tax situation is complicated, but the UK has what’s known as double taxation treaties with most countries which ensure you can’t be taxed on the same money in both countries. As a resident of your new country, you can still be subject to UK tax – for example, if you keep a property here and rent it out. But the double-taxation agreement ensures you won’t pay tax on that income in the country where you now live. If you work abroad, you could pay a lower than normal tax rate – speak to your foreign employer.
How you become a resident of another country depends on its laws. If you move to France intending to live there, for example, you become a resident on arrival. It’s harder to become an Australian resident, though you’ll still pay Australian tax on any income you make Down Under. In Spain, you’re resident if you live there for more than 183 days a year.
Many Britons who become resident abroad remain UKdomiciled – and where you are domiciled is crucial in inheritance tax planning. UK inheritance tax (IHT) will be payable on your worldwide assets if you are UK-domiciled. But if there’s a double tax treaty, you’ll get relief from IHT in one country for the IHT paid in the other.
To change your domicile, you’ll have to lose all links with the UK: this means closing bank accounts and selling off other assets. And you will have to tell the taxman you are leaving by submitting a DOM1 form to your local tax office. You can download one at www.hmrc.gov.uk.
The French do not differentiate between residency and domicile. And once you become a French resident, the UK taxman has no claim on any of your worldwide assets apart from your UK property. You pay tax at French rates on all other worldwide assets.
You need to tie up all your UK tax affairs before you move. If you’re working, you’ll need to send your P45 to your local office. Anyone moving abroad also has to send a P85 form which you can download at www.hmrc.gov.uk or phone HM Revenue & Customs’s residency helpline on 0845 070 0040 with any tax queries.
Phone The Pension Service (0845 606 0265) to find out if you can have your state pension paid into an overseas bank account. It can also tell you if you’ll get increases in line with inflation each year (0845 300 0168).
Unless you are moving within the European Union this won’t happen, so your state pension will effectively be frozen at the rate you’re paid when you leave.
You can’t put any more money into your Isas – and the interest will be taxed in the country you’re moving to. If you want to keep some money in sterling to fund spending on visits to these shores, open an offshore account (usually these are based in the Channel Islands or Isle of Man) with a subsidiary of a UK bank or building society.
Interest rates on sterling accounts are usually higher than Euro equivalents. Think about consolidating different personal pensions into a Sipp (self-invested personal pension) before you go. None of the usual destinations known for expat Brits offers such a flexible type of plan.
Do not ignore currency risk. A big fluctuation in exchange rates can cost you dear. Use a currency specialist such as HiFX or Moneycorp to move large amounts. High Street banks can charge up to 4% more to transfer your money. So on a £100,000 switch into Euros, you could be £4,000 better off.
SAVINGS: Insurance bonds are very popular in Spain, but unlike France, it doesn’t have special tax-free bank accounts.
PENSIONS: Until you fill in your first Spanish tax return, your state pension is taxed in the UK. You’ll also have to pay Spanish tax for the first year and apply for a rebate from HMRC. Public sector pensions will also be taxed in the UK and will not be taken into account as part of your earnings. If you have an occupational pension scheme your employer may offer to transfer your pension payments into a Spanish bank account — but you may get a terrible exchange rate.
If you can take your 25% free cash, do it before you move because you can’t once you become a Spanish resident.
TAX: If you’re under 65 you can earn €5,050 (£3,437) before paying tax (rising to €5,950 for the over-65s (£4,050) and €6,150 (£4,154) for the over-75s. From then you’ll pay 24% tax up to €17,360 (£11,814), stepping up to 43% if you’re earning €52,360 (£35,631) or more.
IHT rules are hideously complex and vary between the country’s 17 regions. The person who inherits is taxed based on how much they received and their current wealth, as well as their relationship to the deceased. And you cannot pass on all your assets tax-free to your spouse as you can in the UK.
The IHT tax free allowance is just €15,957 (£10,860), which you can pass on to your spouse and children. Children under 21 have an extra €3,990 (£2,715) allowance a year until they reach 21, with an overall total of €47,860 (£32,564). Above this, your assets are taxed between 7.65% and 34%. But it can be higher if you are leaving money to others apart from your spouse and children, says Mike Warburton from accountants Grant Thornton.
Story from thisismoney.co.uk
A Question of Trust
Tuesday, August 21, 2007
In today’s world of financial planning, increasing wealth and reduced financial confidentiality, more people than ever, including expatriates living in Spain, are setting up trusts to preserve the value of their assets and lower tax liability. If you are not sure whether you and your family can benefit from a trust consider the following questions.....
Does your spouse find financial affairs difficult?
Many people wish to make their spouse their prime beneficiary. However, some people find it difficult to handle monetary affairs and are anxious about financial planning. If you should pass away first and have set up a trust, the trustees will manage your spouse’s financial affairs according to your instructions. Your spouse will not have to worry about making financial decisions and planning the best way to arrange assets and investments.
This can be done through the trust deed which sets out the terms, provisions and conditions of the trust and a letter of wishes which you, as the settlor (the person who sets up the trust) writes to the trustees (the people who are managing the trust). The letter of wishes, although not legally binding, will detail how you would like the trust to be managed and who is to benefit from it.
What if you can no longer make decisions?
Unfortunately, some people become incapable of managing their financial affairs through mental illness such as the onset of dementia. If you have already made a conventional will and named a power of attorney, then the power of attorney can arrange matters for you. However, he or she won’t necessarily know what your true wishes are and may be influenced by your close family. If you do not have a power of attorney, it can be a protracted business getting one appointed and may involve the courts.
A trust can override this problem and the trustees will carry out your wishes set down in the trust. They can even arrange nursing care and attend to the bills on your behalf.
Are you in a second marriage?
Second or even third marriages can throw up a lot of problems especially when you pass on. It is likely that you would prefer to leave the majority of your wealth to your current wife and your blood children.
If you do not make legally binding arrangements to ensure that your preferences are carried out there is a danger that if your current wife inherits your estate it could pass on her death to her children by another marriage, or if she remarried, to her widower on her death and eventually to his children.
There are other complex family situations which can cause all best intentions about inheritance to go amiss. For instance, a legacy destined for a daughter, say, who then divorces could find that under the divorce settlement the bulk of that inheritance ends up with the estranged husband.
The trust deed can stipulate what should happen in many similar situations and potential situations and can be written so that in intricate family networks only the heirs you name in a trust will benefit from your wealth.
How confidential is a trust?
A trust is a private legal entity which owns your assets and is managed by trustees. It does not need to be registered and the settlor does not have to be publicly associated with it. If a trust is placed offshore, i.e. in a country other than where you live, it is out of reach of the laws of the country where you reside. In effect, the names of the settlor and beneficiaries can be kept anonymous even from the taxman. With the virtual loss of banking secrecy these days, offshore trusts are even more of an attractive option where confidentiality is concerned.
What about inheritance tax?
Settling you assets in a trust can avoid inheritance tax (IHT). British expatriates living overseas should think about an offshore discretionary trust whereby their assets can be removed from UK IHT altogether, providing they are non-domiciled in the UK, even if they eventually move back to the homeland to live. Assets placed in a discretionary trust can be passed down through generations of beneficiaries where they will not be liable to UK IHT for the lifetime of the trust.
Offshore discretionary trusts have other benefits in that they can avoid foreign succession law and taxes (although some areas of Spain have removed succession tax between spouses under certain conditions). Such a trust also allows you to add and remove beneficiaries according to changing circumstances and your wishes.
What about other taxes?
A trust is very tax efficient. As well as inheritance tax, trusts can minimise or avoid income tax, capital gains and wealth tax. A trust can hold many assets such as equities, bonds, bank deposits, life assurance policies and investment portfolios. A personal portfolio bond, which is a type of insurance bond that can hold selected investment assets, has even further tax advantages when held in an offshore discretionary trust.
Are there any other benefits?
Trusts offer various advantages which is why they are increasingly popular vehicles for managing wealth. A trust is made specifically for the benefit of your personal circumstances and those of your family. In a trust your assets are protected from political and economic unrest and exchange control restrictions. A trust is a defence against bankruptcy and unwelcome creditors. If a trust is in place it does away with the need for probate which can be time consuming and costly. A trust also consolidates your assets making it simpler all round for their management and distribution on your demise.
Who can be a trustee?
Almost anyone can be a trustee. Even you, as the settlor can be a trustee. Some people appoint children as trustees but it is not recommended as there could be a conflict of interests if they are also beneficiaries. Trustees are usually a bank, institution, organisation or a company that offers trust services. It is important to maintain a relationship with the trustees so that they are fully aware at all times of your circumstances and ongoing wishes.
How do I set up a trust?
Trusts are fairly easy and inexpensive to set up depending on their complexity. Professional advice is essential. Choose carefully and research different companies to make sure that they are reputable and have full trustee indemnity insurance.
Article by Blevins Franks
Spanish property market Q2 2007
Monday, August 20, 2007
All the statistics available paint a picture of a soft landing in progress, in which Spanish property price rises are converging slowly on the general inflation rate. However, anecdotal evidence from property professionals suggests that the market is much weaker than the figures suggest, at least in some areas, and for some types of property. Areas with a glut of new apartments appear to be struggling the most
Meanwhile, mortgage interest rates are still rising, and planning approvals, at around 200,000 per quarter this year, are still far too high. This is likely to put further pressure on the market, and increase the risk of more serious problems in the next 1 or 2 years.
On the other hand, the Spanish economy is still growing strongly, with unemployment falling, and against this background it is unlikely that the Spanish property market will crash.
The big question, however, is what will happen to Spanish economic growth when construction activity falls, as it must (some 18% of Spanish GDP is housing related, compared to an average of around 9% of the EU). If Spain goes into a construction-lead recession in the next 2 years, which cannot be ruled out, then property prices in the most over developed areas could fall by 20% or more.
Despite the high level of construction activity in Spain, the supply of quality property is scarce, especially in popular coastal areas. A combination of poor urban planning and unimaginative developers churning out identikit apartments has blighted vast swathes of the Spanish coast, which now looks like a wall of cement in many areas.
Price differentials between the pockets of quality and the rest are likely to increase, with quality property rising in value, whilst the rest of the market stagnates at best. Under the circumstances, the present buyer’s market might be a good time to find quality property for a reasonable price. Having said that, buyers need to be aware that there are still many overprice properties on the market, so detailed local research is key to identifying value.
Story by Spanish Property Insight
Spanish Bank Refuses Foreign Loans
Monday, August 20, 2007
Bank calls a halt to applications from foreign buyers after broker is arrested.
Spain’s largest non-resident mortgage provider, Caja de Ahorros del Mediterraneo, has instructed brokers to refuse applications to foreign buyers following a raid on the office of a mortgage broker based on Spain’s Costa Blanca.
The proprietor was arrested on the grounds of providing false documentation to banks and CAM Bank is heavily involved in the investigation.
Brokers and banks operating in the Spanish market believe the intervention by the Spanish authorities is long overdue. Heather Chambers, director of International Mortgage Solutions, said “[The] raid should be applauded. Spain is finally getting to grips with this practice.
“We have come across instances where clients, in the non-regulated environment that exists here, have been talked into presenting false mortgage applications to obtain the finance that they require. In these circumstances, the broker has made no attempt to protect or care for their client – all they are concerned with is the commission they will receive from the bank.
The client is rarely made aware of the longer term implications of getting involved in such transactions, maybe even repossession. Even worse, some clients may have been sold a mortgage product that does not exist, thinking it is self-certified or non-status, with the broker providing false papers to the bank.”
The practice of obtaining false documents or overselling a product that ultimately is not available has been cited as a major contributor to the overheating of the Spanish property market.
Darren Fretwell, head of UK sales and international mortgages at NatWest International, said: “We regard this as a really positive step. The Spanish authorities are taking steps to stamp out malpractice in an unregulated market.”
Story from OPP
Sunday Mirror on Spain
Friday, August 17, 2007
OPP asked Andree Frieze, editor of Homes & Holidays, Sunday Mirror about her views on Spain
Is the media to blame for buyers losing confidence in Spain?
No, I think on the whole it’s been reported fairly, although the media does always like a ‘disaster’ banner headline where they can.
Is anyone else to blame (agents, developers, ‘greedy’ investors who ‘flipped’?)
It seems to me it’s a mix of factors coming together. Over-development in certain areas has reached a point where a new property is cheaper than a pre-owned one, which combined with the ‘deals’ that developers and agents can throw in, lures buyers after a ‘bargain’.
In addition, the property scandals where developers have built on land they didn’t actually own has taken the shine off Spanish property, as have the corruption stories.
Will Spain fight back from its bad press and how will it do so?
Spain has already taken measures to sort out its troubles, such as introducing new legislation with the Ley del Suelo. This obliges developers to open all planning and development projects up to public consultation, as well as bringing land valuations and expropriation rights into the public arena. These measures will help to reduce the ‘land grab’ scandals while making all development more transparent.
Will you still write positively about Spain or is the Spanish dream over for your readers?
Spain will always prove popular with Brits because of its proximity to the UK, the cheap flights available and its ‘home from home’ appeal. Its reputation as a sure place to invest may be dented, but remember that Spain is a huge country where ‘hotspots’ come and go.
The ‘Costas’ may have had their day, but there is still plenty of other coastline to be explored, as well as the huge interior where golfing, sporting and family resorts are taking precendence.
For Joe Public looking for a home in the sun, whether for holiday or retirement, Spain still takes some beating. But, if you’re an investor chasing big bucks and a quick turnaround, then you won’t gain from Spain.
Interview by OPP
Seville Appeals To Cycling Expats
Thursday, August 16, 2007
Eco-friendly British property buyers head to Spain as Seville becomes the country’s most cycle-friendly city.
If a greener future is one of your priorities, that fact that Seville is set to become the Spanish city with the most bikes for rent will make it an appealing place to buy or rent. With the latest addition to their public transport, the municipal government is making an effort to cut down on traffic by supplying hundreds of rental bicycles to residents and visitors.
Named Sevici after the Spanish word for bike, the system launched with 300 bicycles at 30 stations. By the end of the year there will be 1,500 bicycles at 150 pick-up points, with an easy-to-use system available for everyone who passes through Seville. In Spain, Barcelona and Cordoba already have similar bike rental programmes, with similar schemes running successfully in Paris and Lyon in France.
The JCDecaux company is supplying the bicycles to the city authorities for free in exchange for the right to advertise on the use the bikes and stations.
You can buy a weekly coupon for €5, and then the first half hour of each use is free, with additional hours costing €2 each. The bikes come complete with lights, a basket, mudguards, chain guards, spoke guards, bell, stand and an integrated lock.
Seville authorities tested the programme in free trials last spring, which proved that locals and tourists alike are eager to cycle through this scenic city.
Story from homesworldwide.co.uk
Gold In Them Thar Spanish Hills
Tuesday, August 14, 2007
Property buyers who’ve retreated to peaceful Zamora may find their home dramatically increasing in value.
The Castilla y Leon region is known for many things, but a gold rush isn’t one of them – until now, that is. Zamora city and the province around it are largely ignored by expat property buyers, attracting only a rare few who prefer tranquil surroundings and speaking Spanish to a lively costa social life. Soon they may find themselves with many more neighbours than they used to have…
Irish mining firm Ormonde Mining PLC has discovered high-grade gold deposits near the village of Pino del Oro – aptly enough, the village’s name means ‘Golden Pine’. Pino del Oro is right by the Portuguese border, and it’s possible to buy rural properties here very cheaply, under 50,000 Euros, although that may well be about to change as local farmers realise they could, quite literally, be sitting on a gold mine. Look out for western Zamora province seeing property price rises!
The above text was procured from the public domain and is NOT authored by NPA.
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